Oil steady, supported by USA stocks and supply concerns

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However, President Trump sent it lower with a tweet yesterday criticising the high oil prices and letting OPEC know he wants to see it down. As growth continues to rise, demand for U.S. crude oil (WTI) continues to rise.

The United States benchmark for crude oil, the West Texas Intermediate also gained in price, going up by 1.4% to trade at $70.00 per barrel.

Futures in London were little changed near $79 a barrel after a 1.3 percent gain Tuesday. OPEC members will meet with non-Opec countries, such as Russian Federation, over the weekend to examine their production quotas.

However, EIA's short-term energy outlook report says Iran's oil exports declined by 19% (about 0.5 million barrels per day) in August.

Trump has earlier called for members of the Organization of the Petroleum Exporting Countries - primarily cartel kingpin and USA ally Saudi Arabia - to raise their production, and warned importers to stop buying oil from Iran or face USA sanctions.

For this year's April-September driving season, the EIA expects USA regular gasoline retail prices to average $2.87 a gallon, up 19% from a year ago, mostly due to expectations of higher crude oil prices.

Oil prices rose on Friday ahead of a meeting of oil cartel Opec and other large crude exporters that will focus on production increases as USA sanctions restrict Iranian exports.

"Investors are now assessing the Saudis' mixed message on oil prices versus its earlier pledge to increase output", said Hong Sungki, a commodities trader at NH Investment & Securities Co.in Seoul. USA refineries produced about 10.3 million barrels of gasoline a day last week, down by 100,000 barrels compared with the prior week.

Trump has been consistent in his demands and belief that oil prices are too high. On Wednesday, the price was down 3 cents at United States dollars 79.00 by 1110 GMT.

The comments come just ahead of this weekend's meeting of a committee monitoring the supply pact between OPEC, Russia and some other non-OPEC producers.

Finally, weekly crude production inched back to 11 million bpd, the record high it has been hovering around this summer.

The oil price dropped after the tweet.

The Organization of the Petroleum Exporting Countries and other producers including Russian Federation meet on September 23 in Algeria to discuss how to allocate supply increases within their quota framework to offset the loss of Iranian supply.